OTHER PERSONAL INCOME & DEDUCTION RULES

OTHER PERSONAL INCOME & DEDUCTION RULES - 1 DRAFT...

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DRAFT OTHER PERSONAL INCOME AND DEDUCTION RULES ©F. Barry Gorman, PhD, CA, TEP INTRODUCTION PART I — SUNDRY EMPLOYMENT RELATED TOPICS 1. Loss From an Office or Employment 2. Payments on Termination of Employment (a) Overview (b) Ordinary Employment Income Amounts (c) Damages for Wrongful Dismissal (d) Reimbursement of Expenses (e) Other Termination Issues 3. Overseas Employment 4. Miscellaneous Income and Expenses (a) Private Employment Insurance Benefits (b) Employee Trusts (c) Stock Option Plans (i) Nature and Purpose (ii) General Rule (iii) Special Rule for CCPCs (iv) Employee Benefit When Option is Transferred (v) Benefit Reduction (vi) Eventual Capital Gains Treatment (vii) Public Corporations (d) Members of the Clergy (e) Teachers (f) Railway Company Employees (g) Transport Company Employees (h) Employer Provided Day Care (i) Employee Relocation Payments (i) Introduction (ii) Employee Benefits (iii) Reimbursements (iv) Allowances (v) Tax Rationalization Payments (j) Interest-Free or Low Interest Loans (i) General Rule (ii) Home Purchase Loans (iii)Home Relocation Loans (k) Volunteer Firefighters and Other Emergency Response Personnel 1
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5. G(H)ST and Employment Income PART II — AMOUNTS PRIMARILY INCOME IN NATURE 1. Transfer and Social Assistance Payments (a) Taxable Amounts (b) Non-Taxable Amounts (c) Clawback of Old Age Pension and Employment Insurance (d) Overpayments 2. Workers’ Compensation Benefits 3. Strike Pay 4. Jury Duty 5. Death Benefits 6. Other ITA 56(1)(a) Taxable Receipts 7. C(Q)PP Disability Benefits 8. Scholarships, Bursaries, Research Grants and Prizes 9. Windfalls, Lotteries and Gifts 10. Home Insulation Grants 11. Annuities PART III — DEDUCTIONS NOT RELATED TO A PARTICULAR SOURCE OF INCOME 1. Moving Expense Deduction 2. Child Care Deduction 3. Disability Supports and Attendant Care (a) Attendant Care (b) Disability Supports 4. Registered Retirement Savings Plans (a) Pension Adjustment (b) Annual RRSP Deduction Limit (c) Contributions in Excess of Annual Limit (d) Receipts From RRSP 5. Expenditures Incurred to File a Notice of Objection or Appeal 6. Legal Expenses Incurred to Collect or Establish a Right to Receive Pension Income 7. Alimony, Separation, and Support Payments (a) Pre-May 1997 Agreements (b) Post-April 1997 Agreements (i) Support Amounts (ii) Child Support Amounts (c) Third Party Payments (d) Pre-Agreement Payments (e) Lump-Sum Payments (f) Legal Costs PART IV — OTHER PERSONAL INCOME/DEDUCTION TOPICS 1. Exempt Amounts 2. Ordering of Deductions 3. Alternative Minimum Tax 2
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INTRODUCTION ITA 3(a) includes income from all sources in a taxpayer’s taxable income. Part I reviews rules which apply in certain employment related situations. Part II discusses the rules related to income sources not captured by the more specific sections of the Act. Many of these income inclusions are found in ITA 56 and ITA 56.1 (Other Sources of Income). Subdivision e of Division B (Deductions in Computing Income) outlines a number of deductions which can be claimed against all
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.

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OTHER PERSONAL INCOME & DEDUCTION RULES - 1 DRAFT...

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